Ryan's contract includes $59 million guaranteed and $63 million in the first three years, Rapoport reported. ESPN's Chris Mortensen was first to report the news.

Ryan said the new contract hasn't changed his career objectives.

"My goal, and my mindset has been the same since 2008," he said during a news conference Thursday. "It's about winning a championship. And it's about getting rings. I'm just happy I'm gonna have the opportunity to do that here."

Ryan was set to enter the final season of the rookie contract he signed with the Falcons after being selected third overall in the 2008 NFL Draft. If he plays out the life of his new deal, Ryan is in line to be a free agent when he is 32 years old.

Ryan is coming off the best season of his NFL career. He threw for more than 4,700 yards with 32 touchdowns and 14 interceptions and a passer rating of 99.1. Ryan led the Falcons to the best record in the NFC before securing the first playoff win of his career. The Falcons were eliminated in a narrow NFC Championship Game loss to the San Francisco 49ers.

The Baltimore Ravens cost themselves millions by allowing Joe Flacco to play out the final year of his contract in 2012. The Falcons didn't take any chances with Ryan, a franchise star who should help keep them competitive for years to come.